NIT expresses confidence in stock market

National Investment Trust says it expects Pakistan stocks to advance 23 per cent, boosted by overseas funds and improved company earnings.

Signs indicate that the stock market will gain back some of the ground it lost in the last 2 years. Pakistan's largest equity fund says the market will reach 13,000 points by December 2010.

Oil companies, power generators and banks are expected to lead gains in stocks this year. The Karachi Stock Exchange's 100 Index trades at 8.75 times the future earnings.

The Index is still lower by 41 per cent compared to its record in April 2008.